ALAMOGORDO FINANCIAL CORP

CIK:0001100542|SEC Filings

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Interest income
Interest and fees on loans	$ 3,217,582	$ 2,833,426	$ 6,135,813	$ 5,470,542
Interest on securities	121,460	128,203	241,867	292,812
Interest on other interest-earning assets	16,880	31,095	39,179	52,549
Total interest income	3,355,922	2,992,724	6,416,859	5,815,903
Interest expense
Interest on deposits	364,962	336,644	729,770	669,510
Interest on borrowings	13,887	17,807	24,695	26,733
Total interest expense	378,849	354,451	754,465	696,243
Net interest income	2,977,073	2,638,273	5,662,394	5,119,660
Provision for loan losses	99,000	75,000	151,000	175,000
Net interest income after provision for loan losses	2,878,073	2,563,273	5,511,394	4,944,660
Noninterest income
Gain on sale of loans	2,595,003	1,162,993	4,283,437	2,051,193
Service charges and fees	93,961	60,413	193,118	110,532
Loss on sale and impairments of other real estate	(93,012)		(93,012)	(200,000)
Loss on sale of securities				(13,800)
Bank owned life insurance income	43,289	33,028	86,313	65,442
Other	23,760	33,838	76,911	78,732
Total noninterest income	2,663,001	1,290,272	4,546,767	2,092,099
Noninterest expense
Salaries and benefits	3,248,954	1,909,580	5,830,138	3,835,201
Occupancy	453,115	408,179	904,644	834,479
Data processing fees	607,221	369,082	965,911	734,554
FDIC and other insurance expense	25,800	50,658	97,200	111,258
Professional fees	337,281	224,492	740,232	456,793
Merger-related expenses		5,253		99,577
Advertising	62,813	65,652	115,202	103,221
Net other real estate expenses	548	6,809	3,304	13,754
Other	319,692	452,113	895,024	750,452
Total noninterest expense	5,055,424	3,491,818	9,551,655	6,939,289
Income before income taxes	485,650	361,727	506,506	97,470
Provision for income taxes			15,000
NET INCOME	485,650	361,727	491,506	97,470
Other comprehensive income
Unrealized gain (loss) on available-for-sale securities	80,414	(33,943)	306,097	(53,857)
COMPREHENSIVE INCOME	$ 566,064	$ 327,784	$ 797,603	$ 43,613
Income per common share:
Basic (in dollars per share)	$ 0.29	$ 0.22	$ 0.30	$ 0.06
Diluted (in dollars per share)	$ 0.29	$ 0.22	$ 0.30	$ 0.06

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities
Net income	$ 491,506	$ 97,470
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	305,518	327,963
Stock dividend on financial institution stock	(8,314)	(5,012)
Loss on sale and impairments of other real estate	93,012	200,000
Amortization of premiums and discounts on securities, net	250,588	300,008
ESOP expense	30,888	26,000
Amortization of core deposit intangible	43,086	55,248
Loss on sale of available-for-sale securities		13,800
Gain on sale of loans	(4,283,437)	(2,051,193)
Proceeds from sale of loans held for sale	113,641,280	71,948,919
Funding of loans held for sale	(120,908,892)	(72,114,938)
Provision for loan losses	151,000	175,000
Net increase in bank-owned life insurance	(62,672)	(65,442)
Changes in operating assets and liabilities:
Accrued interest receivable	(2,737)	(9,598)
Prepaid and other assets	(632,882)	(410,843)
Accrued interest and other liabilities	244,429	(739,785)
Other		23,365
Net cash used for operating activities	(10,647,627)	(2,229,038)
Cash flows from investing activities
Proceeds from principal payments on available-for-sale securities	2,872,704	3,183,467
Proceeds from sales of available-for-sale securities		2,286,200
Purchases of available-for-sale securities	(8,456,771)	(9,742,836)
Net change in loans held for investment	(11,709,988)	(12,838,011)
Purchases of premises and equipment	(206,826)	(207,219)
(Purchase) Redemption of stock in financial institutions	(43,800)	201,400
Net proceeds from sales of other real estate	212,988
Net cash used for investing activities	(17,331,693)	(17,116,999)
Cash flows from financing activities
Net change in deposits	688,789	9,189,889
Net change in escrows	86,469	29,661
Net change in Federal Home Loan Bank advances	14,000,000	15,000,000
Net cash provided by financing activities	14,775,258	24,219,550
Net (decrease) increase in cash and cash equivalents	(13,204,062)	4,873,513
Cash and cash equivalents, beginning of period	19,824,864	14,823,973
Cash and cash equivalents, end of period	6,620,802	19,697,486
Supplemental disclosures:
Interest on deposits and advances paid	758,253	701,157
Income taxes paid	15,000
Noncash investing and financing activities:
Transfers of loans to other real estate	$ 195,558	$ 28,317

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2016	Dec. 31, 2015
ASSETS
Cash and due from banks	$ 3,660,802	$ 5,959,864
Interest-bearing deposits with banks	2,960,000	13,865,000
Total cash and cash equivalents	6,620,802	19,824,864
Loans held for investment	203,435,209	194,031,590
Allowance for loan losses	(2,152,565)	(1,894,196)
Loans held for investment, net	201,282,644	192,137,394
Loans held for sale	25,424,352	11,380,627
Available-for-sale securities	34,270,128	28,630,551
Other real estate	195,558	306,000
Premises and equipment, net	9,702,636	9,801,328
Stock in financial institutions	1,598,961	1,546,847
Accrued interest receivable	701,641	698,904
Bank owned life insurance	5,417,685	5,355,013
Core deposit intangible	319,694	362,780
Prepaid and other assets	1,572,981	940,099
TOTAL ASSETS	287,107,082	270,984,407
Deposits
Demand deposits	38,000,107	37,969,000
Savings and NOW deposits	122,793,002	113,624,419
Time deposits	65,595,994	74,106,894
Total deposits	226,389,103	225,700,313
Federal Home Loan Bank advances	27,000,000	13,000,000
Escrows	363,840	277,370
Accrued interest and other liabilities	2,881,924	2,363,000
Total liabilities	256,634,867	241,340,683
Commitments and contingencies
Stockholders' equity
Common stock, $0.10 par value; 20,000,000 shares authorized, 1,685,132 issued, 1,679,500 outstanding at June 30, 2016 and December 31, 2015.	168,513	168,513
Additional paid-in capital	9,719,295	9,713,894
Retained earnings	20,896,386	20,404,880
Accumulated other comprehensive income (loss)	90,050	(216,047)
Treasury stock, at cost; 5,632 shares	(139,332)	(139,332)
Unearned employee stock ownership plan (ESOP) shares	(262,697)	(288,184)
Total stockholders' equity	30,472,215	29,643,724
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 287,107,082	$ 270,984,407